Cibc World Market Inc. Purchases Shares of 7,424 Biogen Inc. $BIIB

Cibc World Market Inc. acquired a new stake in Biogen Inc. (NASDAQ:BIIB) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,424 shares of the biotechnology company’s stock, valued at approximately $1,604,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp bought a new position in Biogen during the second quarter worth about $5,060,000. Osmosis Investment Management UK Ltd bought a new stake in shares of Biogen in the 2nd quarter valued at approximately $784,000. Sanctuary Advisors LLC bought a new stake in shares of Biogen in the 2nd quarter valued at approximately $1,261,000. Polymer Capital Management HK LTD acquired a new position in shares of Biogen in the 2nd quarter worth approximately $8,354,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Biogen in the 2nd quarter worth approximately $853,000. 87.93% of the stock is owned by institutional investors.

Biogen Stock Up 0.2%

Shares of BIIB opened at $221.50 on Friday. The company has a market capitalization of $32.73 billion, a P/E ratio of 39.20, a PEG ratio of 6.89 and a beta of 0.17. Biogen Inc. has a one year low of $131.52 and a one year high of $222.85. The business’s 50 day simple moving average is $207.37 and its 200-day simple moving average is $195.52. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.87 and a quick ratio of 1.26.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.66. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the firm posted $5.47 EPS. The business’s revenue was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. As a group, sell-side analysts predict that Biogen Inc. will post 12.39 EPS for the current fiscal year.

Analysts Set New Price Targets

BIIB has been the subject of several analyst reports. Citigroup raised their target price on Biogen from $200.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Piper Sandler reiterated an “overweight” rating on shares of Biogen in a research note on Tuesday, July 14th. Guggenheim lifted their price objective on Biogen from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Freedom Capital upgraded shares of Biogen from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 1st. Finally, Canaccord Genuity Group upped their target price on shares of Biogen from $245.00 to $248.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.79.

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.